Income Tax Assessment Act 1997
View history note
Hide history noteA *franking credit arises in the *franking account of a *life insurance company if:
(a) an *exploration credit is issued to the life insurance company under Subdivision 418-E during an income year; and
(b) paragraph 418-15(1)(d) does not apply in relation to the exploration credit; and
(c) if that paragraph were to apply in relation to the credit, the life insurance company would be entitled to a *tax offset under Subdivision 418-B in relation to the exploration credit.
418-55(2)
The amount of the *franking credit is the amount of the *tax offset to which the *life insurance company would be entitled under Subdivision 418-B if no other *exploration credits were issued to the life insurance company during the income year.
418-55(3)
The *franking credit arises at the same time the *exploration credit is issued.
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